Saturday, 21 July 2018

Weekly Spot Outlook of Bank Nifty for 23rd to 27th Jul

BANK NIFTY

This week Bank Nifty spot went down by 292 points then went up by 251 before finally ending the week with a loss of 63 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27065 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26805 to trigger downtrend for the week. Bank Nifty made a low of 26643.95 and made a high of 27187.15 .

As mentioned in the previous weekly post "Now in the coming week Bank Nifty needs to break and sustain / close above 27065 for a test of 27205 - 27240 initially and closing above it we can see a further move till 27360 - 27490 . Similarly on sustaining / closing below 26805 we can see a test of 26665 - 26630 initially and closing below it we can see a test of 26510 - 26380 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27065 and look to hold further only on getting a close above 27205 - 27240 zone. Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26805 and look to hold further only on getting a close below 26665 - 26630 zone . " , and we saw Bank Nifty trigger our weekly longs and do 150 points . It then reversed from near 27205 - 27240 and triggered our weekly short short trade and did 200 points on the short side too and then took support near 26665 - 26630 zone.

Now in the coming week Bank Nifty needs to break and sustain / close above 27050 for a test of 27240 - 27290 initially and closing above it we can see a further move till 27450 - 27630. Similarly on sustaining / closing below 26695 we can see a test of 26505 - 26460 initially and closing below it we can see a test of 26295 - 26115 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27050 and enter with a stoploss of 26925 and look to hold further only getting a close above 27240 - 27290 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26695 and enter with a stoploss of 26820 and look to hold further only on getting a close below 26505 - 26460 zone .

Had mentioned at the start of the month " For July Bank Nifty monthly longs will be confirmed with a consecutive close above 26715 for a initial target of 27080 - 27170 and sustaining / closing above it we can see a further move till 27485 - 27835. Similarly shorts will be confirmed with a consecutive close below 26015 for a initial target of 25650 - 25555 and sustaining / closing below it we can see a further move till 25240 - 24895." , and Bank Nifty confirmed our monthly longs and completed our initial targets of 27080 - 27170 with a high of 27164.80 . Now for a further upmove in the last week Bank Nifty needs to close above 27080 - 27170 to test the next targets of 27485 - 27835 else we might see a move back to 26715 - 26665 .

Bank Nifty Spot Levels for the week are

Long above 26985 , Tgt 27050 - 27105 - 27165

IF Bank Nifty spot manages to get a close / sustain above 27240 then

long again for 27290 - 27450 - 27630

Short below 26760 , Tgt 26695 - 26640 - 26585

IF Bank Nifty spot manages to get a close / sustain below 26505 then

short again for 26460 - 26295 - 26115

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and continue trailing it further .

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.